New Rules in the IRS

The recently signed “Taxpayer First Act” will benefit anyone dealing with the IRS in several ways. The upgrades outlined in the bill will modernize the agency, as well as improve operations in communication and collections, which will be outlined in this article.

The main category to discuss is communication. The IRS can be a troubling agency to deal with, as taxes can be confusing, and no one wants to deal with a collection agency. With the new bill, communication should become much clearer. This will happen through directly communicating why a claim is rejected, upgrading the efficiency of IRS infrastructure, making it easier to report identity theft, and informing of common scams rather than using hold music. These changes will make the tax paying process more transparent and less intimidating.

The second category of changes is in collection practices. These changes include accepting direct payments for filing, rather than using a … Read More

Private Mortgage Insurance

How long will I have to pay for private mortgage insurance?

It depends. There are generally two ways that private mortgage insurance (PMI) can be removed from your mortgage loan. The first is if you request PMI cancellation directly from your lender. The second is through termination by your lender.

You can request PMI cancellation directly from your lender once you have reached the date when the principal balance of your mortgage is scheduled to fall to 80% of the original value of your home. You can find this date on the PMI disclosure form that was given to you when you first obtained your mortgage. The cancellation request can be made earlier if you have made additional mortgage payments that have reduced your principal balance to 80% at an earlier date. Your lender may also require you to meet certain other criteria in order to cancel your PMI, such as … Read More

Working from home

Imagine that your employer gives you the choice between either working from home or commuting to the office throughout your work week. You might think the obvious choice is to work from the comfort of your own home; after all, staying in your pajamas all day and avoiding stressful commutes sound appealing. But there are some considerations to think about before you decide that telecommuting is right for you.

Advantages

Working from home could end up saving you a considerable amount of money. It eliminates the cost of commuting by cutting down what you spend on gas, public transportation and parking fees, and car maintenance. And depending on your company’s dress code, you could save what you might spend on expensive work-related clothes.… Read More